Main reasons to start your Ettington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ettington property value

The market value of Ettington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is below than eighty years

Ettington property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Ettington property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Ettington?

Lease extensions in Ettington can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Ettington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ettington Lease Extension Case Summaries:

Felix, Ettington, Warwickshire,

Felix was the the leasehold proprietor of a conversion flat in Ettington being marketed with a lease of a few days over 59 years remaining. Felix on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Felix to exercise his statutory right. Felix obtained expert legal guidance and secured satisfactory deal informally and sell the property.

Ettington case:

Last Summer we were e-mailed by Mr and Mrs. T Bell , who took over the lease of a studio flat in Ettington in July 1999. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative homes in Ettington with an extended lease were worth £210,600. The mid-range ground rent payable was £45 invoiced annually. The lease ran out on 12 September 2088. Given that there were 62 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus fees.

Ettington case:

Last month we were called by Dr Jasmine Reed , who acquired a first floor apartment in Ettington in May 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Ettington with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 collected per annum. The lease expired on 13 March 2099. Considering the 73 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.